{"id":19004,"date":"2021-06-15T14:24:44","date_gmt":"2021-06-15T14:24:44","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=19004"},"modified":"2026-04-23T18:34:03","modified_gmt":"2026-04-23T21:34:03","slug":"oaktree-makes-new-offer-for-james-packers-crown-shares","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/oaktree-makes-new-offer-for-james-packers-crown-shares","title":{"rendered":"Oaktree makes new offer for James Packer\u2019s Crown shares"},"content":{"rendered":"\n

Oaktree has increased its original bid with an AU$3.1bn (US$2.39bn) offer to acquire James Packer’s 37 per cent stake in Crown Resorts.<\/p>\n\n\n\n\n\n\n\n

Australia.- Oaktree Capital Management<\/strong> has made a new unsolicited non-binding offer to acquire the Crown Resorts shares owned by James Packer<\/strong> through his private company Consolidated Press Holdings (CPH)<\/strong>.<\/p>\n\n\n\n

The company has now proposed an AU$2bn private loan and an AU$1.1bn loan convertible into new shares<\/strong> to be issued by Crown.<\/p>\n\n\n\n

Oaktree could convert the AU$1.1bn loan into new Crown shares<\/strong> at AU$13 per share. The number of new Crown Resorts shares to be issued to Oaktree <\/strong>on conversion would be capped at a 10 per cent stake in Crown.<\/p>\n\n\n\n

Crown’s board said it had not yet formed a view on the merits of the new Oaktree proposal <\/strong>and that it will commence an assessment.<\/p>\n\n\n\n

Oaktree had originally offered AU$3bn (US$2.32bn)<\/strong> to acquire the 37 per cent stake owned by James Packer.<\/p>\n\n\n\n

In May, another bidder, Blackstone, improved its original offer <\/strong>for the outstanding shares in Crown Resorts<\/a>, but the casino operator rejected the offer.<\/p>\n\n\n\n

Blackstone Group had upped its original bid from AU$11.85 cash per share to AU$12.35<\/strong>. However, Crown\u2019s board stated that the conditions of the revised proposal \u201cpresent an unacceptable level of regulatory uncertainty for Crown shareholders.\u201d<\/p>\n\n\n\n

The Star Entertainment<\/a> has also made an unsolicited non-binding offer of AU$12bn<\/strong> (US$9.4bn)<\/strong> for the casino operator.<\/p>\n\n\n\n

According to Star Entertainment a merger of the two major Australian casino operators would create a national tourism and entertainment leader <\/strong>with a world-class portfolio of integrated resorts.<\/p>\n\n\n\n

Star Entertainment<\/a> believes the fusion would deliver between AU$150m to AU$200m of cost synergies <\/strong>per annum with an estimated net value of AU$2bn<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Oaktree has increased its original bid with an AU$3.1bn (US$2.39bn) offer to acquire James Packer’s 37 per cent stake in Crown Resorts.<\/p>\n","protected":false},"author":176,"featured_media":19043,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Oaktree Capital Management has increased its non-binding offer for James Packer's 37% stake in Crown Resorts to AU$3.1bn, comprising a private loan and a convertible loan. This development occurs amidst competing acquisition proposals from Blackstone and The Star Entertainment, highlighting significant M&A activity and regulatory scrutiny within the Australian integrated resort sector. Crown's board is assessing the new Oaktree proposal, having previously rejected Blackstone's offer due to regulatory uncertainty.","focusai_entities":"Oaktree Capital Management, James Packer, Consolidated Press Holdings (CPH), Crown Resorts, Blackstone, The Star Entertainment","focusai_location":"Australia","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.85), operator_casino (0.98), investor_analyst (0.99), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Regulatory Impact Assessment","query":"What specific regulatory compliance hurdles and governance framework adjustments would Oaktree's proposed convertible loan structure introduce for Crown Resorts, particularly given prior rejections based on \"regulatory uncertainty\"?"},{"label":"Valuation & Synergies","query":"How do the implied valuations and proposed financing structures from Oaktree, Blackstone, and The Star Entertainment compare, and what is the market's assessment of The Star's projected AU$150m-AU$200m annual cost synergies in a merged entity?"}],"footnotes":""},"categories":[16336,157],"tags":[14657,23945],"class_list":["post-19004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","tag-crown-resorts","tag-fa"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/19004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=19004"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/19004\/revisions"}],"predecessor-version":[{"id":19044,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/19004\/revisions\/19044"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/19043"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=19004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=19004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=19004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}